Union Cabinet Approves Unified Pension Scheme
Retirees will get a minimum pension of ₹10,000 per month if they have served for at least 10 years.
Indian Prime Minister Narendra Modi.
The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Unified Pension Scheme (UPS).
Under this scheme, retirees will receive 50% of their average basic pay from the last year of work if they have served for at least 25 years.
For those with less than 25 years of service, the pension will be adjusted based on their length of service, with a minimum service requirement of 10 years.
The scheme also offers a family pension of 60% of the retiree's pension to their family if they pass away.
Retirees will get a minimum pension of ₹10,000 per month if they have served for at least 10 years.
All pensions will be adjusted for inflation based on the All India Consumer Price Index for Industrial Workers (AICPI-IW).
Additionally, retirees will receive a lump sum payment equal to 1/10th of their monthly salary (including dearness allowance) for every six months of service, which will not affect their guaranteed pension amount.
